Hope-Despair, a painting by Feroza Unvala

2008 - what a year! As we get ready to draw the curtains on one of the most unsettling economic years in history, we the writers of the Inspired Economist are still wondering… was this year one that has left our battered economy begging for inspiration? Or have the sustainable events of 2008 spearheaded the initiation of what we believe is truly an Inspired Economy?

2008 was about the $700 billion bailout. Foreclosures. The plummeting stock market. As the year came to a close, the nation’s economic turmoil battled with the presidential election. But it was also a time when new businesses were born into what appears to be an unprecedented sustainability boom. When energy, economy and environment have taken on a new and inter-dependent definition.

As we position our economy to take off on this inspiring eve of the Obama generation, let’s reflect on the change that has come into play this year……

The First Quarter

The first quarter of the year saw the idea of social entrepreneuring take flight beyond the borders of America.

Cover of Jeffery Sach’s book Common Wealth

It was also the time when the Center for Resource Solutions launched the Environmental Tracking Network of North America – North America’s first network organization for renewable energy and greenhouse gas emissions tracking systems and registries.

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The World’s population is estimated at 6.7 billion:

• of this, 15% live in slums and are permanently hungry
• yet the USA, the EU, the UK, Russia, China, India and Brazil have all reported bumper harvests this year

The World’s GDP is estimated at $55.5tr per annum:

• of this 85% is consumed by 20% of the population
• while 45% of the population live on around $900 per annum
  
• and 0.0001% of the population have a combined wealth of over $10tr

In the USA, in the ten years to 2006:

• employment stayed at around 72%
• while average earnings rose 45% from $37,000 to $54,000
• and the average real income of the poorest 20% of households fell

In other words, the global economy is fixed in a spiral where prosperity is hoarded by those who already have and isn’t shared with those who already have not. Social mobility is non-existent.

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